§ 16. Mr. J. Paton
asked the Chancellor of the Exchequer the total cost to the Exchequer of tax remissions allowed in respect of payments made in the financial year 1954–55 to superannuation funds by business firms and by their employees, respectively.
§ Mr. R. A. Butler
The estimated cost was between £60 million and £70 million, and between £10 million and £15 million, respectively.
§ Mr. Paton
Does not that show that these superannuation schemes, desirable in principle as they are, are to a very considerable extent sustained by public taxation, and that about two-thirds of all employed persons are subscribing through taxation to special pension arrangements for one-third of the employed population?
§ Mr. Butler
Of course, this issue was raised before the Phillips Committee, and I do not think that I should like to comment in detail on the hon. Member's point on this matter.